Closed my business: can I downgrade from Home & Business to Premier next year while still being able to import my prior year data?

[befuddled4]

I have been using TurboTax Home & Business desktop, which I purchase at Costco every year. I just finished closing my self-employed business. It had no earnings this year. I just manually filed my business's final state tax return for the business (California Form 568), which is separate from my personal tax return.

I have two main questions.

1. In the future, will I be able to downgrade to Premier, since I will no longer need to do the Schedule C?  Will TurboTax Premier be able to import my prior year's tax data from Home & Business and carryover things from it such as my carried-over investment losses, etc?

2. If I can use Premier, then can I use Premier for tax year 2024, or do I need to use Home & Business for one final year to officially close my business on my personal tax return for Federal & State? (That would mean I need to wait until tax year 2025 until I can start using Premier.)

[VolvoGirl · Accepted solution]

Yes to both.  You can use any version any year.  You can transfer your Home & Business return into Premier.  And actually all the Desktop programs have the same forms so you can even use Deluxe, even to do schedule C.

And by the way if you haven't heard,  they will only sell the Download for 2024, not the CD.  But I switched to the Costco download last year instead of buying the CD,  so if you have any questions on that I have my notes.